There are certain limitations when it comes to the graveyard condition of this card. Though, the flexibility of a counterspell and a removal spell at instant speed wins most disputes.
Mill players will want an entire set of this spell since they're the ones who control the state of the opponent's graveyard. But Grixis and Esper control archetypes will find this just as meaningful.
All in all, it's a perfect counter and removal card for any mid- and late-game turns.